‘Tsunami of changes in technology’ to alter the world, says WEF founder

Professor Klaus Schwab (File Photo: AP)

A tsunami of changes in technology have brought about the advent of the fourth Industrial Revolution, requiring governments to absorb the changes, the founder and executive chairman of the World Economic Forum, told the World Government Summit 2016 on Monday.

In a session titled “The Dawn of the Fourth Industrial Revolution”, Professor Klaus Schwab stressed that the role of government was in shaping the future for next generations.

Highlighting that the concept of this revolution - fusing the physical, digital, and biological sphere - deals with the crucial and overwhelming changes that technology has brought in, Prof Schwab emphasized the three changes governments must undertake.

First, he explained, governments must recognize their roles and foster innovation. Secondly, governments will need to reorganize themselves as platforms for innovation - Schwab added.

The traditional hierarchical approach must be reevaluated. Third, he said, governments must recognize that the availability of human talent adds a valuable competitive advantage to nations.

“Governments must put the whole emphasis on the development of human capital…Capitalism is in some ways has been replaced by talent-ism.”

Professor Schwab added that the challenge “lies in the fact that governments will need to re-scale and upscale their people and integrate all parts of population into the talent pool," Professor Schwab said.

He explained that to overcome the traditional ways of governing, governments need to keep pace with fast changing systems and uphold long term visions. Government entities must also embrace changes with passion and function as a compass to guide its people.

Professor Schwab said the new technological transformation could serve as an entry card for humanity to step into a new civilization.

“It is this concept that underlines our aspiration for mankind to shape planet earth into a real human place. This task is a united responsibility - to create a more sophisticated and enlightened humanity. This is directly in line with the vision of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who has emphasized that the UAE government’s focus will be to ensure the happiness of its people,” Schwab said.

Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46